Federal Loan Programs

Please note: All students must complete the Free Application for Federal Student Aid (FAFSA®) to determine eligibility for the following programs.

Subsidized Federal Stafford/Direct Loans: must be repaid. The U.S. Department of Education pays interest while borrower is in school and during grace and deferment periods. Student must be enrolled at least half time and demonstrate financial need. Students are eligible for $3,500 to $9,500 depending on grade level and dependency status. For more information log onto http://studentaid.ed.gov.

*Note: If you receive a Direct Subsidized Loan that is first disbursed on or after July 1, 2012, and before July 1, 2014, you will be responsible for paying any interest that accrues during your grace period. If you choose not to pay the interest that accrues during your grace period, the interest will be added to your principal balance.

Unsubsidized Federal Stafford/Direct Loans: must be repaid. Borrower is responsible for interest during the life of the loan. Student must be enrolled at least half time. Financial need is not a requirement. Students are eligible for $5500 to $20,500 (less any subsidized amounts received for the same period), depending on grade level and dependency status. For more information log onto http://studentaid.ed.gov.

Federal PLUS/Direct PLUS Loans: must be repaid. The PLUS Loan is for a parent with a dependent, undergraduate student who is enrolled at least half-time. Parents must also pass a credit check to determine eligibility. Repayment begins on the day of disbursements; options available to defer payments while student is enrolled at least half time. Parents are eligible to borrow up to the cost of attendance, determined by the school, less any aid (Direct loans, grants etc.). (Note: If the parent does not pass the credit check, the student may become eligible for up to an additional $5,000 from the unsubsidized Direct loan program.) For more information log onto http://studentaid.ed.gov.

Federal/Direct PLUS Loans for Graduate and Professional Degree Students: must be repaid. Graduate and professional degree students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. Students must pass a credit check and have applied for their maximum annual loan eligibility from the unsubsidized and subsidized Direct loan programs. Students can receive a six month grace period for repayment. For more information log onto http://studentaid.ed.gov.

Direct Consolidation Loan: must be repaid. A Consolidation loan allows you to combine multiple federal education loans into one loan. When you consolidate, you will only have to make one payment towards your federal loans each month and the amount of time you have to repay your loan will be extended, depending on the total amount of your education debt. Consolidating may also help you avoid default if you are delinquent.